Chesley Taft & Associates LLC Trims Stock Position in Corning Incorporated (NYSE:GLW)

Posted by Defense World Staff on Mar 30th, 2023

Chesley Taft & Associates LLC cut its holdings in shares of Corning Incorporated (NYSE:GLW – Get Rating) by 38.6% during the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 14,430 shares of the electronics maker’s stock after selling 9,075 shares during the quarter. Chesley Taft & Associates LLC’s holdings in Corning were worth $461,000 as of its most recent filing with the Securities and Exchange Commission.

Several other large investors have also recently added to or reduced their stakes in GLW. Standard Family Office LLC acquired a new stake in Corning during the third quarter worth about $29,000. CI Investments Inc. increased its stake in Corning by 981.9% during the third quarter. CI Investments Inc. now owns 1,017 shares of the electronics maker’s stock worth $30,000 after acquiring an additional 923 shares during the last quarter. Chilton Capital Management LLC acquired a new stake in Corning during the second quarter worth about $32,000. Core Alternative Capital increased its stake in Corning by 488.3% during the third quarter. Core Alternative Capital now owns 1,206 shares of the electronics maker’s stock worth $35,000 after acquiring an additional 1,001 shares during the last quarter. Finally, Kathleen S. Wright Associates Inc. acquired a new stake in Corning during the third quarter worth about $35,000. 67.79% of the stock is currently owned by hedge funds and other institutional investors.

Corning Price Performance

Shares of NYSE GLW opened at $34.36 on Thursday. Corning Incorporated has a fifty-two week low of $28.98 and a fifty-two week high of $38.52. The business has a 50 day moving average price of $34.67 and a two-hundred day moving average price of $33.34. The company has a quick ratio of 0.88, a current ratio of 1.44 and a debt-to-equity ratio of 0.54. The firm has a market cap of $29.11 billion, a PE ratio of 22.31, a price-to-earnings-growth ratio of 2.23 and a beta of 1.07.

Corning (NYSE:GLW – Get Rating) last issued its quarterly earnings data on Tuesday, January 31st. The electronics maker reported $0.47 earnings per share for the quarter, beating analysts’ consensus estimates of $0.44 by $0.03. Corning had a return on equity of 14.82% and a net margin of 9.27%. The firm had revenue of $3.63 billion during the quarter, compared to analyst estimates of $3.54 billion. During the same quarter last year, the firm earned $0.54 EPS. Corning’s quarterly revenue was down 2.2% on a year-over-year basis. Sell-side analysts expect that Corning Incorporated will post 2.01 earnings per share for the current fiscal year.

Corning Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Thursday, March 30th. Shareholders of record on Tuesday, February 28th will be issued a dividend of $0.28 per share. This represents a $1.12 dividend on an annualized basis and a yield of 3.26%. The ex-dividend date of this dividend is Monday, February 27th. This is an increase from Corning’s previous quarterly dividend of $0.27. Corning’s dividend payout ratio (DPR) is currently 72.73%.

Analyst Upgrades and Downgrades

Several equities research analysts have commented on GLW shares. Deutsche Bank Aktiengesellschaft upgraded Corning from a “hold” rating to a “buy” rating and upped their price target for the stock from $35.00 to $38.00 in a research note on Monday. StockNews.com initiated coverage on Corning in a research note on Thursday, March 16th. They issued a “hold” rating for the company. UBS Group increased their target price on Corning from $37.00 to $40.00 and gave the company a “buy” rating in a research note on Wednesday, January 11th. Morgan Stanley lowered their target price on Corning from $36.00 to $35.00 and set an “equal weight” rating for the company in a research note on Tuesday, December 13th. Finally, Susquehanna increased their target price on Corning from $39.00 to $40.00 and gave the company a “positive” rating in a research note on Thursday, February 2nd. Five analysts have rated the stock with a hold rating and six have assigned a buy rating to the company’s stock. According to MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and an average price target of $38.11.

Insiders Place Their Bets

In related news, VP John Z. Zhang sold 4,655 shares of the firm’s stock in a transaction that occurred on Friday, February 3rd. The stock was sold at an average price of $36.00, for a total value of $167,580.00. Following the sale, the vice president now owns 5,744 shares of the company’s stock, valued at approximately $206,784. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. In other Corning news, insider Li Fang sold 19,909 shares of Corning stock in a transaction on Tuesday, March 7th. The stock was sold at an average price of $35.17, for a total transaction of $700,199.53. The sale was disclosed in a filing with the SEC, which is available at this hyperlink. Also, VP John Z. Zhang sold 4,655 shares of Corning stock in a transaction on Friday, February 3rd. The shares were sold at an average price of $36.00, for a total value of $167,580.00. Following the sale, the vice president now directly owns 5,744 shares in the company, valued at approximately $206,784. The disclosure for this sale can be found here. 0.36% of the stock is currently owned by company insiders.

Corning Company Profile

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Corning, Inc engages in the provision of glass for notebook computers, flat panel desktop monitors, display televisions, and other information display applications, carrier network and enterprise network products for the telecommunications industry, ceramic substrates for gasoline and diesel engines in automotive and heavy-duty vehicle markets, laboratory products for the scientific community and polymer products for biotechnology applications, optical materials for the semiconductor industry and the scientific community, and polycrystalline silicon products and other technologies.